Single family housing REIT American Homes 4 Rent (AMH) has called 2 preferred issues for redemption.
Effective 6/7/2021 the company is calling the 6.50% perpetual preferred (AMH-D) which becomes redeemable on 5/24/2021. Additionally they are calling the 6.35% perpetual (AMH-E) which becomes redeemable on 6/29/2021 on 6/30/2021.
There is little harm to holders as the shares were pretty well ‘anchored’ to liquidation preference of $25.
With these calls the company has just 3 issues outstanding which can be seen here.
American Homes 4 Rent (AMH) was originally founded by B Wayne Hughes (founder of Public Storage (PSA) and PS Business Parks (PSB)) and cohorts so it is no surprise whatsoever that the preferreds are called at the 1st opportunity–this is simply the way they operate and the AMH business has plenty of free cash mostly generated by the depreciation on their single family house portfolio (around 52,000) last I looked.